The embodiments described herein relate generally to systems and methods for tracking price changes for a purchase made using a transaction card and, more particularly, to systems and methods for tracking a subsequent reduction in price of a purchase made by a cardholder using a transaction card, and compensating the cardholder by providing, or arranging for the provision of, an item of value to the cardholder valued at least a portion of the price reduction.
At least some known items and/or services that might be purchased with a transaction card have fluctuating and/or volatile prices based on market conditions, supply, demand, and/or other market factors. For example, the price of an airline ticket can change daily or hourly. As such, cardholders attempt to time their purchases of such items and/or services to obtain the lowest price for the item and/or service. However, after such an item and/or service is purchased, the price can drop, which can be frustrating to the cardholder.
Continuing the above example, at least some known domestic airline carriers have guaranteed airfare rules and/or policies that enable travelers to benefit from a fare change in some circumstances. More specifically, in a contract of carriage, the airline carrier can provide that a traveler can receive compensation in the amount of a difference between a purchase price and a subsequent lower price, less any applicable fees, such as a change fee, if the traveler specifically requests the compensation. The compensation can be in the form of a credit or refund depending on the carrier's policy and/or fare class. Typically, credits for the difference can be used within twelve months of the original purchase as payment for another flight with that carrier for that traveler. However, many travelers are unaware of such guaranteed airfare policies, are not familiar with the complexities of at least some guaranteed price policies, do not continuously track the price of a purchased flight, and/or are reluctant to attempt to make a request for compensation.
Some known travel aggregation websites offer price assurances to travelers purchasing travel through these websites. However, when a traveler purchases travel through such a website, rather than directly through the carrier, the guaranteed airfare policies may not apply. Further, such aggregator-offered credits and/or refunds may only be offered if another traveler purchases the same travel through the website at a lower price. In contrast, the guaranteed airfare policies are not limited to airfare actually purchased by another traveler. Rather, under the guaranteed airfare policies, the compensation for the difference is available when there is a price decrease, even if there are no purchases made at the lower price. As such, although travel aggregation websites may offer some form of price assurance, compensation for price changes may be more limited than under the guaranteed airfare policies.
Accordingly, it is desirable to have a system and process for automatically tracking price reductions in goods or services, such as airline tickets, purchased by a cardholder, and automatically compensating, or arranging for compensation of, the cardholder when the purchase price subsequently decreases a predetermined amount by providing the cardholder with an item of value equal to at least a portion of the price reduction.